<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934 (FEE REQUIRED) FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
COMMISSION FILE NO. 0-2525
A. Full Title of the Plan and the address of the Plan, if
different from that of the issuer named below:
Huntington Bancshares Incorporated Deferred Compensation Plan and Trust
for Huntington Bancshares Incorporated Directors
B. Name of issuer of the securities held pursuant to the Plan and
the address of its principal executive office:
Huntington Bancshares Incorporated
Huntington Center
41 South High Street
Columbus, Ohio 43287<PAGE>
<PAGE>
HUNTINGTON BANCSHARES INCORPORATED
DEFERRED COMPENSATION PLAN AND TRUST
FOR HUNTINGTON BANCSHARES INCORPORATED DIRECTORS
INDEX TO FINANCIAL STATEMENTS
Page
----
Report of Independent Auditors 3
Statements of Financial Condition -
December 31, 1995 and 1994 4
Statements of Income and Changes in Plan Equity -
For the years ended December 31, 1995, 1994 and 1993 5
Notes to Financial Statements 6
Exhibit
Consent of Independent Auditors 10
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[ERNST & YOUNG LLP LETTERHEAD]
Report of Independent Auditors
Board of Directors
Huntington Bancshares Incorporated
We have audited the accompanying statements of financial condition of the
Huntington Bancshares Incorporated Deferred Compensation Plan and Trust for
Huntington Bancshares Incorporated Directors (the "Plan") as of December 31,
1995 and 1994, and the related statements of income and changes in plan equity
for each of the three years in the period ended December 31, 1995. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Huntington Bancshares
Incorporated Deferred Compensation Plan and Trust for Huntington Bancshares
Incorporated Directors at December 31, 1995 and 1994, and the results of its
operations and the changes in its plan equity for each of the three years in
the period ended December 31, 1995, in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
March 25, 1996
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
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HUNTINGTON BANCSHARES INCORPORATED
DEFERRED COMPENSATION PLAN AND TRUST
FOR HUNTINGTON BANCSHARES INCORPORATED DIRECTORS
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
December 31,
1995 1994
---------- --------
<S> <C> <C>
ASSETS
Investments, at market value:
Huntington Bancshares Incorporated
Common Stock: 56,081 shares in
1995 and 40,801 shares in 1994;
Cost: $878,436 in 1995
and $623,922 in 1994 (Note 3) $1,345,936 $703,820
Accrued dividends and interest receivable 11,275 8,136
---------- --------
TOTAL ASSETS $1,357,211 $711,956
---------- --------
---------- --------
LIABILITIES AND PLAN EQUITY
Plan Equity 1,357,211 711,956
---------- --------
TOTAL LIABILITIES AND PLAN EQUITY $1,357,211 $711,956
---------- --------
---------- --------
</TABLE>
See notes to financial statements.
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HUNTINGTON BANCSHARES INCORPORATED
DEFERRED COMPENSATION PLAN AND TRUST
FOR HUNTINGTON BANCSHARES INCORPORATED DIRECTORS
STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY
<TABLE>
<CAPTION>
Year ended December 31,
1995 1994 1993
---------- --------- ---------
<S> <C> <C> <C>
Investment income:
Cash dividends on Huntington Bancshares
Incorporated Common Stock $ 39,963 $ 33,022 $ 27,427
Interest 200 155 158
---------- --------- ---------
40,163 33,177 27,585
Realized gains on investments (Note 3) --- 70,922 31,129
Unrealized appreciation (depreciation)
of investments (Note 3) 387,602 (126,790) 54,574
Contributions 217,500 208,620 250,247
Withdrawals (10) (313,794) (126,624)
---------- --------- ---------
Net increase (decrease) in Plan Equity 645,255 (127,865) 236,911
Plan Equity - Beginning of period 711,956 839,821 602,910
---------- --------- ---------
Plan Equity - End of period $1,357,211 $ 711,956 $ 839,821
---------- --------- ---------
---------- --------- ---------
</TABLE>
See notes to financial statements.
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HUNTINGTON BANCSHARES INCORPORATED
DEFERRED COMPENSATION PLAN AND TRUST
FOR HUNTINGTON BANCSHARES INCORPORATED DIRECTORS
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE 1 - SUMMARY OF ACCOUNTING POLICIES
DESCRIPTION OF THE PLAN
The Huntington Bancshares Incorporated Deferred Compensation Plan and Trust for
Huntington Bancshares Incorporated Directors (the "Plan") was adopted by the
Board of Directors of Huntington Bancshares Incorporated ("Huntington") on
April 25, 1991, to be effective on that date.
The Plan is in the form of a trust agreement between Huntington and its
wholly-owned subsidiary, The Huntington Trust Company, National Association
(the "Trustee"). The Plan was adopted to provide any Director of Huntington
with the option to defer receipt of all or a portion of the compensation
payable to him or her for services as a Director. Huntington transfers the
amount of the compensation deferred by a Director pursuant to the Plan to a
trust fund administered by the Trustee.
Amounts held in the trust fund may be invested by the Trustee in common stock,
common trust funds, real estate, and other property which the Trustee deems to
be in the best interest of the participating Directors. The Trustee maintains
a separate account for each Director which reflects such Director's share of
assets held in his or her account in the Plan.
The Plan is administered by a committee of the Huntington Board of Directors
(the "Committee") consisting of not less than three members. As of the date
hereof, the members of the Committee are John B. Gerlach, Timothy P. Smucker,
George A. Skestos, and Don Conrad. The members of the Committee are appointed
by the Board of Directors of Huntington (the "Board") and serve until they
resign or until they are removed with or without cause by the Board. None of
the members of the Committee receives compensation from the assets of the Plan.
Distributions are made either in a lump sum or in equal annual installments
over a period of not more than ten years. The Committee has sole discretion to
distribute all or a portion of a Director's account in the event such Director
requests a hardship distribution.
Huntington may amend or terminate the Plan at any time provided that no such
amendment or termination will affect the rights of Directors to amounts
previously credited to their accounts.
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INVESTMENTS
As of December 31, 1995, Plan assets were primarily invested in shares of
common stock of Huntington ("Common Stock"). These shares are carried at
market value as determined by quoted prices reported by the National
Association of Securities Dealers Automated Quotation System. The cost of
specific investments sold is used to compute realized gains and losses.
WITHDRAWALS
Withdrawals in the form of Common Stock are reported at market value. Amounts
previously reported for 1994 and 1993 have been changed to conform with the
1995 presentation.
INCOME AND EXPENSES
Cash dividends are recognized as of the record date. All costs and expenses
incurred in administering the Plan, including brokerage commissions and fees
incurred in connection with the purchase of securities, are paid by Huntington
and participating affiliates. Expenses incurred in administering the Plan
totaled $4,326, $3,860, and $3,405 for 1995, 1994, and 1993, respectively.
NOTE 2 - FEDERAL INCOME TAXES
The Plan is established as an unfunded deferred compensation plan under the
Internal Revenue Code. Accordingly, a Director will not incur federal income
tax liability when compensation is deferred pursuant to the Plan, when Common
Stock is purchased for a Director's account, or when dividends are paid to a
Director's account on such shares. Rather, a Director will incur federal
income tax liability for such contributions and income only when distributions
are made to a Director.
Huntington is subject to any federal income taxes arising from taxable income
of the Plan. Accordingly, no provision for federal income taxes is included in
the financial statements of the Plan. If, at any time, it is determined that
compensation deferred pursuant to the Plan is currently subject to income tax
by the Directors or their beneficiaries, the Plan shall terminate and any
amounts held in the trust fund shall be distributed to the Directors or their
beneficiaries.
The Plan is not qualified under Section 401(a) of the Internal Revenue Code
and is not subject to the provisions of the Employee Retirement Income
Security Act of 1974.
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NOTE 3 - NET REALIZED AND UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following tables summarize the net realized and unrealized appreciation
(depreciation) of the Plan's investments in Common Stock for each of the three
years in the period ended December 31, 1995:
<TABLE>
<CAPTION>
1995 1994 1993
---------- --------- --------
<S> <C> <C> <C>
Aggregate proceeds $ --- $ 313,739 $126,609
Aggregate cost --- 242,817 95,480
---------- --------- --------
Net realized gains $ --- $ 70,922 $ 31,129
---------- --------- --------
---------- --------- --------
1995 1994 1993
---------- --------- --------
Market value $1,345,936 $ 703,820 $831,529
Cost 878,436 623,922 624,841
---------- --------- --------
Accumulated unrealized appreciation $ 467,500 $ 79,898 $206,688
---------- --------- --------
---------- --------- --------
Change in accumulated unrealized
appreciation between years $ 387,602 $(126,790) $ 54,574
---------- --------- --------
---------- --------- --------
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Committee of the Huntington Bancshares Incorporated Deferred Compensation Plan
and Trust for Huntington Bancshares Incorporated Directors has duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
HUNTINGTON BANCSHARES INCORPORATED
DEFERRED COMPENSATION PLAN AND TRUST
FOR HUNTINGTON BANCSHARES INCORPORATED DIRECTORS
Date: March 29, 1996 By: /s/ Ralph K. Frasier
-------------------------------- ----------------------------------
Ralph K. Frasier
General Counsel and Secretary
Huntington Bancshares Incorporated
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Exhibit 23
Exhibit to the Annual
Report (Form 11-K) of the
Huntington Bancshares
Incorporated Deferred
Compensation Plan and
Trust for Huntington
Bancshares Incorporated
Directors for the fiscal year
ended December 31, 1995.
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-41774) pertaining to the Huntington Bancshares Incorporated
Deferred Compensation Plan and Trust for Huntington Bancshares Incorporated
Directors and in the related Prospectus of our report dated March 25, 1996 with
respect to the financial statements of the Huntington Bancshares Incorporated
Deferred Compensation Plan and Trust for Huntington Bancshares Incorporated
Directors included in this Annual Report (Form 11-K) for the year ended
December 31, 1995.
/s/ Ernst & Young LLP
Columbus, Ohio
March 25, 1996
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